Chainalysis Report Sheds Light on the Middle East and North Africa's Crypto Economy

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Chainalysis, which has a respected position in the blockchain and cryptocurrency world worldwide, shared its latest report. The report presents remarkable data on the crypto economy of the Middle East and North Africa (MENA) region, including Turkey. This report contains statistical information that will make important contributions to the future Crypto Radar project of our country.

According to the data in the report, the MENA region ranked sixth globally, representing 7.2% of global transaction volume between July 2022 and June 2023. This achievement shows that the region exhibits a strong crypto economy. Turkey, on the other hand, attracts attention by entering this list from 12th place.

However, other countries in the MENA region, such as Morocco (20) and Iran (28), have also found their place in the rankings. It is also noted that the United Arab Emirates (UAE) is emerging as a crypto hub with a high share of activity in DeFi protocols thanks to its innovation-friendly regulatory frameworks. The UAE's approach continues to attract global businesses, entrepreneurs and high net worth individuals.

As a result of Turkey's cryptocurrency adoption, the country ranks fourth globally in raw transaction volume. Saudi Arabia leads with a 12.0% increase in year-over-year transaction growth.

Chainalysis' latest report provides important insights into the crypto economy of the Middle East and North Africa region, as well as highlighting Turkey's potential in this area. It is obvious that this report will be a guide for the future Crypto Radar project.

You can find the full report from here.

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